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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of Changes to Financial Statements for the Adoption of Accounting Pronouncements

The cumulative after-tax effect of the changes made to our condensed consolidated balance sheet for the adoption of ASC 842 were as follows:

(in ‘000 USD)						At December 31, 2021						Adjustments due to ASC 842						At January 1 2022
Operating lease right-of-use assets						$	—					$	9,278					$	9,278
Current operating lease liabilities						—						2,121						2,121
Non-current operating lease liabilities						—						7,483						7,483
Current portion of capital lease liabilities included in Accrued liabilities						191						(191)						—
Current portion of finance lease liabilities included in Accrued liabilities						—						191						191
Non-current portion of capital lease liabilities included in Other long-term liabilities						264						(264)						—
Non-current portion of finance lease liabilities included in Other long-term liabilities						—						264						264
Accrued liabilities						21,311						(326)						20,985

The cumulative after-tax effect of the changes made to our condensed consolidated balance sheet for the adoption of ASU 2020-06 were as follows:

(in ‘000 USD)						At December 31, 2021						Adjustments due to ASU 2020-06						At January 1, 2022
Long-term debt and other borrowings, net						$	399,115					$	15,163					$	414,278
Additional paid-in capital						413,646						(11,612)						402,034
Deferred tax liabilities						36,722						(3,847)						32,875
Retained earnings						(138,179)						298						(137,881)

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- References

No definition available.

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126900757&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=126900757&loc=d3e725-108305

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

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